Philip Falcone

$1.00 B

Ranked #1565 in World

About Philip Falcone

Philip A. Falcone, a notable figure in the finance sector, has a diverse background from growing up in Chisholm, Minnesota, to becoming a Harvard University graduate in Economics in 1984. His career trajectory includes pivotal roles at Kidder, Peabody & Co., Wachovia, and Barclays Capital before founding Harbinger Capital with Raymond J. Harbert in 2000. Falcone's ventures into the NHL as a minority owner of the Minnesota Wild and his significant stake in The New York Times highlight his varied interests. However, his ambition with Lightsquared was met with regulatory setbacks, and in 2012, he faced securities fraud charges by the SEC, leading to an $11.5 million settlement and a five-year industry ban. Despite these challenges, Falcone's contributions to finance and philanthropy remain noteworthy.

Born

July 14, 1962

Age

63 years

Source Of Wealth

Hedge Funds

Industries

Investments

Citizenship

United States

Residence

New York, NY

Education

Bachelor of Arts / Science, Harvard University

Philip A. Falcone was born and raised in Chisholm, Minnesota, alongside nine siblings. Despite his humble upbringing, he demonstrated exceptional talent in hockey, becoming a stand-out player in both high school and college. Falcone's passion for the sport eventually led him to play professionally for the Malmö Redhawks in Sweden.

Philip Falcone: Family

Falcone is married to Lisa Velasquez, a renowned film producer and philanthropist. Together, they have been blessed with two children. The couple resides in New York City and owns several properties, including a luxurious estate in Sag Harbor and a retreat in Saint Barthélemy.

Philip Falcone: Career Highlights

Falcone's career trajectory is marked by a series of notable achievements. He commenced his professional journey at Kidder, Peabody & Co. in 1985, followed by stints at Wachovia and First Union Capital Markets. His leadership skills shone as he served as president and CEO of AAB Manufacturing Corporation from 1990 to 1995. Falcone's expertise in high yield trading propelled him to leadership positions at Gleacher Natwest and Barclays Capital.

In 2000, Falcone co-founded Harbinger Capital with Raymond J. Harbert, solidifying his position in the financial world. His influence extended beyond the business realm as he became a minority owner of the NHL's Minnesota Wild hockey team in 2008. Falcone's impact on the media landscape was significant when he acquired a 20% stake in The New York Times through Harbinger Capital in 2009, eventually becoming the majority owner.

Philip Falcone: Companies

Falcone's entrepreneurial ventures have encompassed a diverse range of companies. He co-founded Harbinger Capital, a prominent hedge fund, and served as its chairman and chief executive. Falcone's involvement in the sports industry led him to become a minority owner of the Minnesota Wild hockey team. His influence in the media sphere was solidified through his ownership of The New York Times.

Philip Falcone: Major Achievements

Falcone's accomplishments have garnered widespread recognition.

He was listed among the 40 Highest-Earning hedge fund managers by Forbes in 2013, a testament to his financial acumen. Falcone's contributions to society extend beyond business, as he serves as a founding council member of the Kissinger Institute on China and the United States. His philanthropic endeavors include generous donations to the American Museum of Natural History.

Philip Falcone: Awards & Achievements

Falcone's exceptional achievements have been acknowledged through prestigious awards and accolades. He was honored as one of the 40 Highest-Earning hedge fund managers by Forbes in 2013, recognizing his remarkable success in the financial industry.

Philip Falcone: Personal Life & Legacy

Falcone's personal life revolves around his family, including his wife, Lisa Velasquez, and their two children. He is known for his passion for hockey, having played professionally in Sweden. Falcone's philanthropic efforts have left a lasting impact, particularly through his contributions to the American Museum of Natural History.

Philip Falcone: Trivia

Falcone's former chef filed a lawsuit against him, alleging a hostile work environment and racist remarks. The case was eventually settled out of court.

Wealth History

Timeline

1984

Graduated from Harvard University with a Bachelor of Arts in Economics.

1985

Started his career at Kidder, Peabody & Co.

1990

Served as president and CEO of AAB Manufacturing Corporation.

1997

Head of High Yield trading at Gleacher Natwest.

1998

Head of High Yield trading at Barclays Capital.

2000

Founded Harbinger Capital with Raymond J. Harbert.

2008

Became a minority owner of the NHL's Minnesota Wild hockey team.

2009

Owned 20% of The New York Times through Harbinger Capital.

2009

Became the majority owner of The New York Times.

2012

Federal Communications Commission revoked conditional approval for Lightsquared's satellite-based network due to interference with GPS signals.

2012

SEC filed securities fraud charges against Falcone and Harbinger Capital Partners.

2013

Accepted an SEC settlement, agreeing to pay a total of $18 million.

2013

SEC commissioners overruled the deal, forcing a new agreement.

2014

Stepped down as chief executive and chairman of Harbinger Group to focus on HC2 Holdings.

Philip Falcone : FAQs

What is Philip Falcone's net worth?

As of 2014, Philip Falcone's net worth was $1.00 billion.

What are Philip Falcone's main sources of wealth?

Philip Falcone's main source of income comes from Hedge Funds.

In which industry does Philip Falcone primarily operate?

Philip Falcone is primarily involved in the Investments industry.

What is Philip Falcone educational background?

Philip Falcone holds a Bachelor of Arts / Science from Harvard University.

How old is Philip Falcone?

Philip Falcone is 63 years old.

How many children does Philip Falcone have?

Philip Falcone has 2 children.

Who is Philip A. Falcone and what is his background?

Philip A. Falcone grew up in Chisholm, Minnesota with nine siblings and attended Harvard University on financial aid, graduating with a Bachelor of Arts in Economics in 1984. He was a stand-out hockey player in high school and college, and played professionally for the Malmö Redhawks in Sweden.

What are the key milestones in Philip A. Falcone's career?

Philip A. Falcone started his career at Kidder, Peabody & Co. in 1985, worked at various financial institutions, and founded Harbinger Capital with Raymond J. Harbert in 2000. He became a minority owner of the NHL's Minnesota Wild in 2008 and was listed as one of the 40 Highest-Earning hedge fund managers by Forbes in 2013.

What was the controversy surrounding Lightsquared?

Lightsquared was an attempt by Philip A. Falcone to build a multibillion-dollar satellite-based network using wireless spectrum reserved for satellite uses for terrestrial communication, which led to concerns over interference with GPS signals and resulted in the Federal Communications Commission revoking conditional approval in 2012.

What were the details of the 2012 securities fraud charge against Philip A. Falcone?

In 2012, the SEC filed securities fraud charges against Falcone and Harbinger Capital Partners for misuse of fund assets, conducting a short squeeze, favoring certain customers, and unlawful equity purchases. The final settlement in 2013 included admitting to breaking securities laws, paying $11.5 million, and a five-year ban from the securities industry.

Can you tell us about Philip A. Falcone's personal life?

Philip A. Falcone is married to Lisa Velasquez, a film producer and philanthropist, with whom he has two children. They own properties in New York City, Sag Harbor, and Saint Barthélemy. Falcone has also been involved in legal disputes, including a lawsuit from a former chef alleging a hostile work environment, which was settled out of court.